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Benefiting from the recovery of China's Internet industry, large Internet companies in the Fortune Global 500 have risen overall.

On August 5, Fortune magazine released the latest Fortune Global 500 list. The list shows that there are 133 Chinese companies on the list this year, 9 fewer than last year's 142, of which 128 are from mainland China (including Hong Kong), 7 fewer than last year.

In the Internet sector, the list shows that among the five Internet giants, except for Alibaba (NYSE: BABA, 09988.HK), which dropped two places, JD.com (Nasdaq: JD, 09618.HK), Tencent (00700.HK) and Meituan (03690.HK) all improved their rankings. Meanwhile, Pinduoduo (Nasdaq: PDD) made the list for the first time, and Meituan became the Chinese company with the largest ranking improvement in the list, jumping 83 places to 384th. JD.com, ranked 47th, once again entered the top 50, replacing Ping An of China as the largest private company in mainland China.

The top five Internet companies, ranked by revenue, are JD.com (47th), Alibaba (70th), Tencent (141st), Meituan (384th), and Pinduoduo (442nd).

The reporter of The Paper compiled the map based on the Fortune Global 500 list.

JD.com ranks highest, Tencent is the most profitable

The list shows that JD.com, which has retained its top position among domestic Internet companies, will have revenue of approximately $153.2174 billion and profit of $3.4138 billion in 2023. JD.com ranks 52nd on the 2023 Fortune Global 500 list.

On May 16, JD.com delivered its first-quarter financial report that exceeded market expectations. Data showed that JD.com's revenue in the first quarter of 2024 reached 260 billion yuan, a year-on-year increase of 7.0%; under non-U.S. generally accepted accounting principles, the net profit attributable to ordinary shareholders of the listed company was 8.9 billion yuan, a year-on-year increase of 17.2%.

On the eve of the annual 618 e-commerce promotion, JD.com Chairman Liu Qiangdong delivered an internal speech, sharply criticizing the "lying flat" phenomenon within the company, and said: "Anyone who has poor performance for a long time and never strives is not my brother." Liu Qiangdong said that since the beginning of this year, it can be clearly seen that various parameters of JD.com have entered a positive trend, the company's dreams and passion are constantly growing and ignited, and he firmly believes that the good days for JD.com are always here.

The list shows that although Alibaba's annual revenue of US$131.3379 billion is lower than that of JD.com, its profit of US$11.1651 billion far exceeds that of JD.com.

In March 2023, Alibaba launched the 1+6+N organizational transformation. In May, it announced that Alibaba Cloud will be completely split and listed independently, and Cainiao and Hema will start listing plans. In the subsequent developments, the management of Alibaba Group completed the "blood transfusion", and the listing plans of various business segments also "encountered obstacles" one after another. According to the current plan of Alibaba Group's management, Alibaba will continue to invest in two major areas: one is to accelerate the growth of core businesses, and the other is to maintain the leading position in basic technologies and innovations including AI.

After 25 years of development, Alibaba has shown some symptoms of "big company disease" while growing. This year, Alibaba's management also expressed to the outside world its determination to actively tackle the "big company disease" and maintain entrepreneurial spirit.

On May 14, Alibaba Group released its fourth quarter results for fiscal year 2024 (quarter ending March 2024). Alibaba Group's fourth quarter revenue was 221.874 billion yuan, a year-on-year increase of 7%, exceeding market expectations. Adjusted EBITA (a non-GAAP financial indicator) fell 5% year-on-year to 23.969 billion yuan, mainly due to Alibaba's increased investment in e-commerce business and retention incentives granted to Cainiao employees. Non-GAAP net profit was 24.42 billion yuan, a year-on-year decrease of 11%, in line with expectations.

Although Tencent ranks 141st with an annual revenue of US$86.0283 billion, Tencent's profit is the highest compared to the top two players, with a profit of US$16.2752 billion in 2023.

Last year, Tencent's core business value-added service revenue increased by 4% year-on-year to 298.4 billion yuan. International market game revenue increased by 14% to 53.2 billion yuan, and domestic market game revenue increased by 2% to 126.7 billion yuan. According to the information revealed in the annual report, AI (artificial intelligence), video accounts, large models and other businesses are replacing games and becoming Tencent's "new story."

On May 14, Tencent Holdings (00700.HK) released its first quarter 2024 financial report showing operating revenue of 159.501 billion yuan, a year-on-year increase of 6%; gross profit of 83.87 billion yuan, a year-on-year increase of 23%; net profit (Non-IFRS) of 50.265 billion yuan, a year-on-year increase of 54%.

Meituan jumped up a lot of places, and Pinduoduo made the list for the first time

Among the five Internet companies on the list, Meituan ranked 467th in the 2023 list and 384th this year, jumping 83 places, making it the Chinese company with the largest ranking increase on the list.

Meituan's revenue in 2023 is $39.0925 billion and its profit is $1.9573 billion. Pinduoduo ranks 442nd with $34.9811 billion, but its profit is $8.4792 billion, which is $5 billion more than JD.com, which ranks first.

It is worth noting that this is the first time Pinduoduo has been on the list.

Pinduoduo is a rising star in the e-commerce industry, but it is developing rapidly. In November 2023, Pinduoduo's financial report data and stock price performance caused heated discussions, which also triggered Alibaba employees to post on the intranet. At that time, the employee's message received a reply from Jack Ma, saying that "Alibaba will change, Alibaba will change, and all great companies are born in winter. The era of AI e-commerce has just begun, and it is an opportunity and a challenge for everyone."

On May 22, Pinduoduo once again delivered a report card that amazed the outside world: total revenue was 86.812 billion yuan, a year-on-year increase of 131%; net profit attributable to shareholders was 27.998 billion yuan, a year-on-year increase of 246%.

Meituan's core business is food delivery, and its annual active users have increased to nearly 500 million. This year, Meituan has made a large-scale organizational restructuring, merging the Meituan platform, store business group, home delivery business group and basic research and development platform into the "core local business" sector. The purpose of the adjustment is to achieve synergy between core local business, store hotel and tourism businesses; consider adjusting the operational strategy to achieve better resource allocation and obtain better traffic support from the platform.

On June 6, Meituan released its first quarter 2024 financial report, showing that total revenue was 73.3 billion yuan, a year-on-year increase of 25%; net profit was 5.4 billion yuan, compared with 3.4 billion yuan in the same period last year, a year-on-year increase of 59.9%; adjusted net profit was 7.488 billion yuan, compared with 5.491 billion yuan in the same period last year, a year-on-year increase of 36.4%.

According to Dazhihui VIP, as of the close, JD.com rose 0.77% to HK$97.700 per share; Tencent fell 0.62% to HK$354.400 per share; Alibaba rose 1.42% to HK$75.250 per share; Meituan fell 1.12% to HK$105.600 per share. As of the close of the U.S. stock market on August 5, Pinduoduo fell 0.96% to US$126.190 per share.